Drive back target is base of pierce bar.

As in Feb 2004
and Mar 2009
now in Dec 2012
after the breakout
above the top of the W pattern
the target on the drive back down
has been the base of the bar
piercing the W top.

After this drive back target has been hit
the move has been
in the opposite direction
and gold has made substantial moves up.

The target has been hit.
The downward move in gold
is now likely complete.

Targ Hit

Below article posted Aug 2012

Since its Low on 12/29/11
Gold has been moving up
for longer than any other up move
since it’s Top on 9/6/11.

So, per Gann the trend is up.

$GOLD has now pierced
and GLD has now pierced
it’s W pattern center high
formed on 6/6/12.

When the center high is pierced
Per Gann this is a safe place to enter.

If the market moves
as it has in the past
we can then expect
based on the HUI chart:

1 2000
A launch straight up.

2 2004
A few weeks attempt
to break the bottom of the pierce bar
[close the gap]
then a launch straight up.

3 2009
A couple of weeks attempt
to break the bottom of the pierce bar
[close the gap]
then a launch straight up.

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